28th Oct 2013 06:56
LONDON (Alliance News) - Royal Bank of Scotland Group PLC is unlikely to face a full break-up, with UK Chancellor George Osborne set to recommend the creation of an internal "bad bank" that avoids a shareholder vote, Sky News reported Saturday.
The recommendations will follow a four-month review led by Rothschild, the investment bank, and Blackrock, the world's largest asset manager.
The results are expected to create a more formal internal "bad bank", a further scaling back of RBS's investment banking operations, a more aggressive strategy to resolve the future of impaired loans, and a number of other asset sales, including Citizens in the US.
City Editor Mark Kleinman also said the announcement could come as soon as Friday, when RBS is reporting third-quarter earnings.
http://news.sky.com/story/1160080/osborne-to-stop-short-of-full-rbs-break-up
By Samuel Agini; [email protected]; @samuelagini
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